Market Trends - Homes for Sale - Mays Landing, NJ - May 2015
The Mays Landing Real Estate Market is showing mixed results this May.
Single Family
May saw an 11.8% increase in new listings coming on the market over May of 2014. 38 new single family homes where introduced to the market.
The number of Mays Landing single family homes for sale for the year to date period ending May is up 9.8% over the same period last year. A total of 190 single family homes have been listed year to date.
The number of sold properties, in May, where up 29.4%. There were 22 sold single family properties. This brings the current total of sold properties for the year to date period to 84. A 44.8% increase from the 2014 year to date period.
Combined, the total number of newly listed Mays Landing NJ Homes for Sale and total inventory versus the number of properties being sold has pushed the months supply of inventory to 14.6 months. This denotes an extremely strong Buyers Market but is down from 15.8 months last May.
Average Days on Market is up 53.2% for May to over 3 months. The total for the year to date period is up 26.7% at 109 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
Short Sales presently represent 12.8 percent of the market sales. Short sales generally take longer to close so they directly affect the days on market.
Median Sale Prices for this May were down 25.3% from May 2014. The year to date Median Sale Price is down 10.8%. Median Sale prices are very unlikely to make significant gains long term in the Hamilton Township/Mays Landing Market. Unemployment continues to remain the highest in the State and higher than most areas of the country.
55+ Adult Community Homes
The number of newly listed Mays Landing Adult Community homes for sale in May were even with May 2014. 9 new listings where introduced to the market in May. Year to date the number of new listings is up 2.9%.
Sold properties in May where down 87.5% from May 2014 with 1 sold adult community home. Year to date sold properties are down 28.6% to 14 homes sold.
Combined, the total number of newly listed Mays Landing NJ Adult Community Homes for Sale and total inventory versus the number of properties being sold has pushed the months supply of inventory to 10.6 months. A 53.6% increase from 2014. This denotes a Buyers Market.
Days on Market for May was 295 representing an increase of 126.9% from last May. Average Days on Market year to date is down 18% to 91 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. With a low number of sold properties, a very quick sale, or an incorrectly reported sale, can cause a large deflection in the Days on Market in a single month.
Median Sale Prices for this May are unreliable as there was only 1 property sold. Because of the very low number of adult community homes being sold each month the Median Sale Prices tend to be unreliable on a month to month comparison. With an average of just 3 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. For the year to date period, which provides a more reliable gauge, Median Sale Prices are up 3.2% to 98,000.
It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Mays Landing 55 + Adult Community Market will begin to gain any traction.
Condos for Sale - Mays Landing, NJ - Market Trends
The Mays Landing Condominium Market is showing no improvement in the number of condos sold this May. May saw the same number of new listings coming on the market as May 2014. 14 new condos where introduced to the market.
The number of new listings of Mays Landing Condos for Sale in the year to date period ending April is down 5.6% from the previous year to date period.
Sold properties in May where down 37.5% with only 5 sold condominiums. This brings the current total of sold properties for the year to date period to 22. This represents a 26.7% decrease over the same 2014 period.
Combined, the total number of new Condo listings for Sale in Mays Landing, NJ and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase by 14.1% to 9.7 months of supply. This denotes a strong buyer's market.
Average Days on Market for May was up 65.2% to 147 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. Days on Market for the year to date period is up 9.1% to 120 days
Median Sale Prices for this May were down 30.6% from May 2014. Because of the very low number of condos being sold each month the Median Sale Prices tend to be unreliable on a month to month comparison. With an average of just over 4 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. For the year to date period, which provides a more reliable gauge, Median Sale Prices are down 14.9% to $65,500.
Do to the economic environment many condo associations are experiencing delinquency rates in the collection of monthly condominium association fees. This makes the units ineligible for financing with less than 20% down payment, substantially reducing the pool of available buyers. This factor will continue to keep downward price pressure on the Condos for Sale in Mays Landing. A large percentage of purchases have been made by investors.
Median Sale prices overall for condos are very unlikely to gain much traction in the Mays Landing Market.
Unemployment continues to remain the highest in the State and higher than most areas of the country.
Mortgage Rates are in the 4% range. As can be seen in the below graph, we continue to stay in the same side ways price channel we've been in for the last three years.
With supply remaining high, demand light, and increasing interest rates, the Median Sale prices will have no option but to go down. When interest rates increase, buyers qualify for lower mortgages.
If you are considering the sale or purchase of a home give us a call to benefit from our 35+ years of experience.
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
Copyright 2015 Bill Wagner All Rights Reserved Wagner Real Estate Group
Hi, what an opportnity for buyers in your area. Thanks for sharing with us in AR Land.
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